Unit 1.4 And 1.5

Question 1

How do economics measure prices ?

Answer 1

Purchasing power parity

Question 2

Economically what changes have been seen in the last few centuries?

Answer 2

The extreme poverty percentage has shrunk
Income inequalities persist and even seem to grow in some countries

Question 3

What are decile groups ?

Answer 3

The percentage of people in a particular income range a person falls under within a particular country (10)

Question 4

True or false: the income inequality is higher in poorer countries ?

Answer 4

True

Question 5

Which century saw increased growth in technology first ?

Answer 5

18th century

Question 6

What new technologies were introduced in the 18th century?

Answer 6

Textiles, energy , transportation

Question 7

What is the 18th century period of cumulative innovation called?

Answer 7

Industrial Revolution

Question 8

In economics what does the term technology refer to?

Answer 8

A process that takes materials and other inputs(people, machines) and creates an output

Question 9

What is technological progress ?

Answer 9

The time of production of products rapidly increased.

Question 10

What was David Landes take on the Industrial Revolution?

Answer 10

That the technological changes transformed the societies in which they too place. Such as the US and UK which saw increase in living standards

Question 11

What is general purpose innovation?

Answer 11

Technologies that can impact economies such assign the early steam engine